Americans Want Lifetime Income, But Don't Understand Annuities, Study Finds
Most Americans want guaranteed lifetime income, but they aren’t aware annuities can provide that, according to a new survey from Jackson National Life Insurance Company and the Insured Retirement Institute.
The study found 75 percent of consumers surveyed said they knew what annuities were, but less than half understood an annuity can provide lifetime income. 61 percent of advisors said clients’ negative perceptions of annuities create a barrier and nearly half of advisors say their clients believe annuities are too expensive. But, when advisors spoke about annuities without referring to them by name consumers were interested in the products.